What you need to do now

The legislation has not yet been finalised, however the material changes detailed in this guide are likely to hold. In preparation for these changes here are some things you need to investigate:

• The profile and needs of your employees - do you have a spread of moderate or higher income or employees who value more choice and control?
• Will your existing scheme exempt you from having to use Personal Accounts with these employees.
• Consider if you need to review your scheme to be qualifying, or if you need to set up a qualifying scheme.
• Consider gradually increasing your existing qualifying scheme membership over the next four years. This will help avoid a sudden increase in costs due to auto enrolment and compulsory contributions. Does your current provider offer clear and concise member communications to help you do so.

Want to know if your pensions provisions are sufficient or simply want more information about the scheme? It pays to be prepared so get in touch now for a full pension scheme audit.

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Email us:  info@pensionsreform.co.uk
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